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Fifty-five scores were obtained from a sit-up test given to sixth-grade children. The highest score was 52, and the lowest score was 7. What is the range of these scores?
Total Fixed Cost
The sum of all costs that remain constant regardless of the level of production or output.
Total Variable Cost
The sum of all costs that vary with the level of output produced by a company.
Fixed Costs
Costs that do not vary with the level of production or sales.
Short Run
A period in which at least one input, such as plant size or the number of firms in the market, is fixed and cannot be changed.
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